[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2840 Introduced in House (IH)]







110th CONGRESS
  1st Session
                                H. R. 2840

  To amend the Community Reinvestment Act of 1977 to allow the direct 
   support by a financial institution of a qualified community-based 
 financial literacy program provided to consumers and borrowers to be 
taken into account in assessing the institution's record of meeting the 
     credit needs of its entire community, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             June 22, 2007

 Ms. Eddie Bernice Johnson of Texas (for herself, Mr. Ellison, and Ms. 
   Carson) introduced the following bill; which was referred to the 
                    Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
  To amend the Community Reinvestment Act of 1977 to allow the direct 
   support by a financial institution of a qualified community-based 
 financial literacy program provided to consumers and borrowers to be 
taken into account in assessing the institution's record of meeting the 
     credit needs of its entire community, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``National Financial Literacy Act of 
2007''.

SEC. 2. FINANCIAL LITERACY PROGRAMS.

    Section 804 of the Community Reinvestment Act of 1977 (12 U.S.C. 
2903) is amended by adding at the end the following new subsection:
    ``(d) Direct Support for Financial Literacy Programs Taken Into 
Account.--
            ``(1) Standards established for eligible programs.--The 
        appropriate Federal financial supervisory agencies shall 
        jointly prescribe regulations establishing--
                    ``(A) the minimum standards required to be met by a 
                community-based financial literacy program in order to 
                be eligible for consideration under paragraph (3) as a 
                qualified community-based financial literacy program;
                    ``(B) the procedures for financial institutions to 
                apply to the appropriate Federal financial supervisory 
                agency for approval of a financial literacy program as 
                a qualified community-based financial literacy program; 
                and
                    ``(C) a requirement that financial institutions 
                submit a regular report on how the institution 
                supported and promoted financial literacy in its entire 
                community, including low- and moderate-income 
                neighborhoods.
            ``(2) Factors.--The regulations required under paragraph 
        (1) shall require at a minimum that a qualified community-based 
        financial literacy program--
                    ``(A) be offered by a nonprofit budget and 
                counseling agency which is exempt from taxation under 
                section 501(c)(3) of the Internal Revenue Code of 1986; 
                and
                    ``(B) include adequate education to promote 
                consumer understanding of consumer, economic, and 
                personal finance issues and concepts, including saving 
                for retirement, managing credit, long-term care, estate 
                planning and education on predatory lending, identity 
                theft, and financial abuse schemes.
            ``(3) Programs taken into account.--The direct support by a 
        financial institution of a qualified community-based financial 
        literacy program may be taken into account by the appropriate 
        Federal financial supervisory agency under subsection (a) in 
        assessing the institution's record of meeting the credit needs 
        of its entire community, including low- and moderate-income 
        neighborhoods, in such amount and to such extent as may be 
        provided in the joint regulations prescribed under paragraph 
        (1).''.
                                 <all>